The Goldman Sachs Group Forecasts Strong Price Appreciation for Credo Technology Group (NASDAQ:CRDO) Stock

Credo Technology Group (NASDAQ:CRDO) had its price objective lifted by The Goldman Sachs Group from $65.00 to $84.00 in a research report released on Friday morning,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other analysts have also issued reports on CRDO. Craig Hallum raised their target price on shares of Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Stifel Nicolaus raised their price objective on Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a report on Monday, January 6th. Needham & Company LLC increased their target price on Credo Technology Group from $43.00 to $70.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Susquehanna began coverage on Credo Technology Group in a report on Tuesday, December 17th. They issued a “neutral” rating and a $80.00 price target for the company. Finally, Bank of America upgraded shares of Credo Technology Group from an “underperform” rating to a “buy” rating and increased their price objective for the stock from $27.00 to $80.00 in a report on Tuesday, December 3rd. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $75.40.

Credo Technology Group Trading Up 1.1 %

Shares of CRDO stock opened at $73.80 on Friday. The company has a market capitalization of $12.34 billion, a price-to-earnings ratio of -492.00 and a beta of 2.11. The firm has a 50-day moving average price of $59.91 and a 200 day moving average price of $41.59. Credo Technology Group has a twelve month low of $16.82 and a twelve month high of $78.97.

Insider Buying and Selling

In other Credo Technology Group news, CFO Daniel W. Fleming sold 12,504 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $48.48, for a total value of $606,193.92. Following the transaction, the chief financial officer now directly owns 656,456 shares of the company’s stock, valued at $31,824,986.88. This represents a 1.87 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CTO Chi Fung Cheng sold 60,000 shares of the company’s stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $72.09, for a total transaction of $4,325,400.00. Following the completion of the sale, the chief technology officer now directly owns 8,388,602 shares in the company, valued at $604,734,318.18. This represents a 0.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 875,014 shares of company stock valued at $57,132,400. Corporate insiders own 16.04% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Swedbank AB lifted its position in shares of Credo Technology Group by 873.9% in the 3rd quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock worth $101,650,000 after buying an additional 2,961,454 shares during the last quarter. Point72 Asset Management L.P. lifted its holdings in Credo Technology Group by 73.6% in the third quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock worth $120,627,000 after acquiring an additional 1,660,230 shares during the last quarter. FMR LLC boosted its stake in Credo Technology Group by 731.6% in the third quarter. FMR LLC now owns 1,152,361 shares of the company’s stock valued at $35,493,000 after acquiring an additional 1,013,789 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of Credo Technology Group by 7.4% during the third quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock valued at $404,797,000 after purchasing an additional 909,578 shares during the last quarter. Finally, Wellington Management Group LLP raised its position in shares of Credo Technology Group by 32.7% during the 3rd quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock worth $88,188,000 after purchasing an additional 705,512 shares during the period. Institutional investors own 80.46% of the company’s stock.

About Credo Technology Group

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, Mainland China, Hong Kong, and internationally. Its products include HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP, as well as integrated circuits, active electrical cables.